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The euro saw little change against major rivals on Monday in New York as optimism over Abu Dubai's $10 billion bailout offer to Dubai was offset by data showing another decline in Eurozone employment.
Abu Dhabi offered $10 billion to Dubai Financial Support Fund, to tide over the financial crisis imposed by the woes of the Dubai World, Dubai's flag bearer in global investments. Subsequently, the Government of Dubai authorized that $4.1 billion of this be used to pay the 'sukuk' obligations that are due today.
The number of persons employed in the euro area fell by a seasonally adjusted 0.5% in the third quarter compared with the previous quarter, the Eurostat reported Monday. The decline was 0.5% in the second quarter also. From the previous year, employment dropped 2.1% in the third quarter.
Meanwhile, Eurozone industrial production declined in October hurt by plunging demand for durable and non-durable consumer goods, pointing to meager support to GDP growth in the fourth quarter.
The euro moved slightly higher against the dollar, rising near 1.4660. The European currency hit a 10-week low of 1.4585 earlier in the week.
The euro fell to 2 1/2-week low of 0.8978 versus the British pound. The drop took the common currency to the low end of a recent trading range.
The Bank of England said on Monday that UK employment has not dropped as much as forecast despite the severe recession in the economy.
The euro was little moved versus the yen, trading near 129.70. The pair has been choppy in recent days. However, the actual drop for October was slightly smaller than the 0.7% decline expected by economists. The statistical office revised the monthly growth for September from 0.3%.
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